Phull, who had joined Everstone as vice-president of business development in 2011, was elevated as executive director after two years and was named as one of the several managing directors of the firm in 2016.

He was involved in raising capital for Everstone’s funds for the last seven years. As per his LinkedIn profile, he was also the head of business development, which dealt with investor relations, fundraising, investor communications and co-investment syndication, since 2016.

Everstone and Phull did not respond to a request for comment for this article.

After Phull’s departure, Everstone has seven other managing directors in its private equity team--Roshini Bakshi, Amit Manocha, Avnish Mehra, Deep Mishra, Rajesh Mehta, Vishal Sharma and Rajev Shukla. In addition, the firm has five executive directors as part of its senior PE team.

Besides co-founders Sameer Sain and Atul Kapur, Everstone’s top management includes the chief of PE business unit, Dhanpal Jhaveri, and the head of realty investments unit, Rajesh Jaggi.

In 2016, Kazi Zaman, one of the MDs in the PE team, had quit Everstone.

AVCJ first reported the news of Phull’s departure. In a separate report, Private Equity International said Phull stepped down from his role last month.

Prior to joining Everstone, Phull was the India head of business development for Guggenheim, a global asset management with exposure to alternative investments. Previously, he had worked at Credit Suisse, ICICI Venture, Merrill Lynch and Goldman Sachs.

Everstone, founded in 2006, is an India- and Southeast Asia-focussed investment manager with dedicated private equity and real estate funds. It has about $4 billion in assets under management and has offices in Singapore, Mumbai, Delhi, Bengaluru, Mauritius and London.

In April, Everstone Group formed an equal joint venture with British solar power company Lightsource BP to set up a £500 million ($710 million or Rs 4,673 crore) India-focussed green energy fund.

It had last raised $730 million in its third sector-agnostic but consumer-themed fund, Everstone Capital Partners III LP. The PE firm was targeting to raise $650-700 million in the fund and had closed it with an oversubscription.